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ISLAMABAD: The Consumer Price Index (CPI)-based inflation clocked in at 1.5 percent on a Year-on-Year (YoY) basis in February 2025 as compared to 2.4percent in the previous month and 23.1percent in February 2024, says the Pakistan Bureau of Statistics (PBS). Average CPI in the country remained at 5.85percent during the first eight months (July-February) 2024-25 compared to 27.96percent during the same period of last fiscal year. On Month-on-Month (MoM) basis, it decreased by 0.8percent in February 2025 as compared to an increase of 0.2percent in the previous month and no change in February 2024. CPI Urban decreased to 1.8percent on…
KARACHI: Pakistan Single Window (PSW) has initiated the design and development phase of the Airport Community System (ACS), marking a significant step forward in digitizing and streamlining air cargo operations. The initiative was unveiled during a National Workshop held in Karachi to provide a platform for participants to discuss the development of the ACS and address existing challenges in the air cargo sector. As an allied system of PSW, the ACS will facilitate seamless information exchange among different entities in the air freight ecosystem. The system aims to collect, convert, and disseminate digital shipment data through integration or by providing…
KARACHI: The Chairman of National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum, the President of All Karachi Industrial Alliance, the Chairman of the FPCCI Advisory Board, Mian Zahid Hussain said that people are being robbed through artificial price hikes as usual in the blessed month, which should be stopped. He said that inflation has been a major problem for the past several years, ruining people’s standard of living. However, he said, inflation crosses all limits during Ramadan because the administrative mechanism to control prices has become ineffective. However he welcomed the Prime Minister’s Rs 20…
LAHORE: A Korean delegation comprising businessmen led by Habib Gilani called on Governor Punjab Sardar Saleem Haider Khan at Governor House Lahore. During the meeting, Habib Gilani gave a detailed briefing to the governor on the visit of the Korean businessmen delegation. The meeting reiterated the need to promote trade relations between the two countries. Honorary Consul General Suba Khan was also present on the occasion. Speaking on the occasion, the governor said that trade and foreign investment fosters development in a country and Pakistan is committed to increasing investment and investor-friendly policies. He said that creating a peaceful and…
LAHORE: The Small and Medium Enterprises Development Authority (SMEDA) held a consultative session with stakeholders of the Textile Garments Manufacturing sector in order to align the 2nd Phase of its ‘Industrial Stitching Units’ project with the Uraan Pakistan programme of the government for boosting exports through SMEs. The session was presided over by Socrat Aman Rana, Chief Executive Officer of SMEDA and was attended by a number of the private sector stakeholders including the representatives from APTMA, PRGMEA and PHMA. The representatives of the Ministry of Industries and Production and the Ministry of Planning, Development and Special Initiatives also attended…
The euro rallied in European trade on Monday against a basket of major rivals, starting its recovery from two-week lows against the dollar and on track for the first profit in four days as European leaders agreed to present urgent plans to the US to achieve peace in Ukraine. Additionally, after bullish remarks from some European Central Bank officials, the odds of a March ECB interest rate cut dropped, with traders awaiting important eurozone inflation data later today to gather more clues. The Price The EUR/USD pair rose 0.5% today to $1.0423, with a session-low at $1.0399. …
KARACHI: People in most parts of the city on Monday heaved a sigh of relief as the Sui Southern Gas Company (SSGC) finally improved the gas supply during Sehri and Iftar after the intervention of Prime Minister Shehbaz Sharif. The gas utility said that it had increased gas pressure by average 10 per cent to improve gas flow and started opening gas distribution centers 30 to 45 minutes before Sehri and Iftar timings to improve system pressure in the areas with low network capacity. However, suffering of people in some parts of the city could not come to an end…
• Surging reliance on duty-free imports to cost $5bn• Steps needed to revive growers interest in cotton crop LAHORE: Pakistan’s cotton industry is facing an alarming crisis as national production plunges to the second-lowest level in the country’s history, falling nearly 50 per cent short of the official target and 34pc below last year’s output, reveals the Pakistan Cotton Ginners Association (PCGA) final report for the crop season 2024-25 released on Monday. Interestingly, despite this sharp production decline, approximately 365,000 bales of unsold cotton are stockpiled in ginning factories, sparking fears of an unprecedented reduction in cotton cultivation for the…
KARACHI: Listed banks’ profitability clocked in at Rs153 billion, down one per cent year-on-year and 2pc quarter-on-quarter in October-December 2024, according to a research report of Topline Securities. “For analysis we have taken all listed banks that have announced their financial results except for Bank of Khyber (BOK), Samba Bank (SBL), and Silk Bank, which have not yet announced their results,” said the report. Despite the decline in interest rates, the sector’s net interest income clocked in at Rs523bn, up 5pc YoY and 4pc QoQ in 3Q2024, led by volumetric growth and favourable re-pricing impact. Interest income declined by 4pc…
ISLAMABAD: Pakistan on Monday assured major international lenders, including the International Monetary Fund, World Bank, and Asian Development Bank, that independent power producers (IPPs) unwilling to renegotiate contracts could opt for either a forensic audit or international arbitration, following recent protests over ‘forced contract revisions’. Power Minister Awais Ahmad Khan Leghari also informed the lenders during a meeting that the government would soon ‘rationalise’ solar net metering while also offering cheaper electricity to select consumers for incremental consumption at ‘marginal cost’ to boost faltering demand. A couple of weeks ago, a group of international lenders, excluding the IMF, sent a…